Rent and mortgage costs stabilise in June as energy bills continue to fall
Data sourced from millions of Barclays current accounts reveals spending on rent and mortgages rose just 1.5% year-on-year in June – much slower than May’s uplift of 6.3%. Meanwhile, Barclays and TV property expert Phil Spencer share tips for landlords who want to make their buy-to-let properties more attractive, and advice for prospective tenants looking to stand out in a crowded market.
Barclays Property Insights data shows that the cost of rent and mortgages stabilised considerably in June, increasing by just 1.5% year-on-year – the slowest rate of growth since March 2023. In further good news for households, spending on utilities dropped -15.6% due to falling energy prices, with further declines predicted following the latest price cap decrease on 1 July.
Consumer confidence also showed signs of recovery – Brits feel more optimistic about their ability to live within their means (up one percentage point to 73%) and job security (up four percentage points to 49%).
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The Barclays research reveals the top 10 attributes that renters consider non-negotiable or ‘deal-breakers’ when assessing a rental property, as well as the qualities that landlords require in prospective tenants.
Almost half of renters (46%) say that the presence of damp and mould is a ‘deal-breaker’, while a third consider access to a living room (34%) and outdoor space (32%) as necessities. One in three (32%) also feel that the property should have at least double-glazing on its windows, likely because double-glazed windows retain heat more easily, which can save on energy bills, and because they’re better at blocking out unwanted noise.
Landlords and property developers looking to make their homes more attractive should consider whether they’re able to check off more of these items, in order to appeal to a broader range of applicants.
